On 6 February 2023 a 7.8 degree earthquake struck southern and central Türkiye and north-western Syria. It was followed by a 7.7 degree earthquake later that day. This earthquake was centered 95 km north-northeast from the first. There was widespread damage in an area of about 350,000 km², a surface about the size of Germany. An estimated 14 million people, or 16% of Türkiye’s population, were affected. Development experts from the United Nations estimated that about 1.5 million people were left homeless. Damages were estimated at over USD100 billion in Türkiye and over USD5 billion in Syria, making them the 4th costliest earthquakes on record.
This extraordinary disaster required extraordinary response from the BSTDB to support the recovery, reconstruction, and reintegration of the region’s economy and to preserve the human capital, livelihoods, and jobs in the affected cities.
As a first step, the BSTDB’s response has been the provision of 7-year, EUR 5 million credit line to Türkiye Kalkınma ve Yatırım Bankası A.Ş. (TKYB), the Development and Investment Bank of Türkiye, for businesses and entrepreneurs directly affected by the earthquakes, as well for lending to companies participating in the recovery and reconstruction efforts in the area, for strengthening the private sector’s role, supporting SMEs, MSMEs, local producers, farmers, and local cooperatives with investments and working capital needs in the disaster region.
One of the beneficiaries of BSTDB funding was Defne Su. Established in 2006, the company produces and sells aquatic products (sea bream, sea bass and trout) in production units located in various places across Türkiye. The company has aquafarming facilities for sea bass and sea bream in Hatay, a city in the earthquake zone of Southeast Türkiye. A EUR 2,000,000 loan from the BSTDB credit line was provided, via the Development and Investment Bank of Türkiye, to Defne Su to finance its expansion. The company growth plans entail the increase of production by 4,000 tons of aquatic products in 30 sea cages. This expansion project is expected to create about 15 new jobs.
